Depending on where you live, debt collectors may be legally entitled to take your entire paycheck, house or car and completely clear out your bank accounts. According to the National Consumer Law Center:
"The economic downturn has strained millions of families to the breaking point, and the astronomic growth of the debt buyer industry makes them increasingly vulnerable to seizure of essential wages and property to pay their oldest debts. NCLC surveys the exemption laws of the 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands. Sadly, not one jurisdiction's laws meet basic standards so that debtors can continue to work productively to support themselves and their families."
A link to the full story and report:
http://www.nclc.org/issues/no-fresh-start.html
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